World Bank approves $50m for Ghana to make agric sector more competitive

The Board of Directors of the World Bank has approved $50 million credit to the government of Ghana, in the form of budget support for the implementation of the country’s Medium Term Agriculture Sector Investment Plan (METASIP), the Washington-based lender said in a statement May 15, 2012.

This will enhance Ghana’s competitiveness in the sector, expanding export agriculture and local food production, while increasing farmer incomes, the World Bank said.

The Bank also expects the facility, which is the second in series, to increase production and productivity through improved crop yields.

The money will be channeled through a programme known as the Agricultural Development Policy Operation (AgDPO) which supports important policy and institutional reforms that will enhance the development and adoption of agricultural technology, such as improved seeds and fertilizer.

Jan Nijhoff, Agricultural Economist at the World Bank’s Ghana Office commented saying “It is our expectation that these investments will help leverage additional investment from the private sector and bring thousands of small-holder farmers into commercial value-chains.”

By Ekow Quandzie